Ann: Opuwo Project Update and Board Changes, page-240

because so many unknowns and it is simply tied up capital.  I am a decent holder and even i think it would fall quite a bit... the question is.. do you take the risk and try to pick the bottom before the bounce... or do you wait to see an updated top 20 and if there are any changes in BOD holdings.  However with 2 board members stepping down, it would be my understanding that they would then not have to announce changes in their interest unless they hold more than 5% (going by last annual report that is not the case).  In saying this, I am not implying that I think BOD will sell down.  

I would be surprised if it did go down as much as 50% as it would imply an EV of some 9mil and i think given all the work being done and how close we are to a PFS, if cobalt prices do recover then it is worth a lot more than 9mil!